Base Oil Market

The base oil market is projected to grow from USD 40.29 billion in 2025 to USD 46.59 billion by 2030, at a CAGR of 2.9% during the forecast period. The market is mainly influenced by the escalation of lubricant demand in general, which is taking place in different sectors, such as automotive, industrial, marine, and power generation, as a result of the increase in vehicle production, industrialization, and infrastructural improvements, particularly in developing countries. The trend for high-quality base oils, Group II, Group III, and synthetic, is being driven by fuel efficiency, extended drain intervals, and exceptional engine performance. New environmental laws and restrictions on emissions are stimulating the demand for base oils that have less sulfur, a high viscosity index, and can be used in the production of lubricants that are cleaner and more efficient. Besides, there is a growing market for base oils that are being used in metalworking fluids, hydraulic oils, and process oils, while the refining process is becoming more efficient through technologies like hydrocracking and gas-to-liquids (GTL).

Leading players in the base oil market are Exxon Mobil Corporation (US), Saudi Arabian Oil Co. (Saudi Arabia), SK Enmove (South Korea), China Petrochemical Corporation (China), and PetroChina Company Limited (China). These players have adopted strategies, such as expansions and partnerships, to increase their market share.

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Exxon Mobil Corporation (US)

Exxon Mobil Corporation is one of the world’s largest integrated energy and chemical companies, with a history spanning more than 140 years and operations across over 50 countries. The company manages a broad portfolio that includes oil and gas exploration and production, refining and fuels marketing, petrochemical manufacturing, and specialty products under well-known brands such as Exxon, Mobil, Esso, and XTO. Its businesses are organized into four core divisions, namely Upstream, Energy Products, Chemical Products, and Specialty Products. These divisions allow the company to deliver energy, lubricants, and chemical materials that support global industries and everyday life. Alongside its conventional operations, ExxonMobil is expanding investments in lower-carbon initiatives, such as carbon capture, hydrogen, biofuels, and advanced materials. ExxonMobil operates across the Americas, Europe, Asia Pacific, the Middle East, and Africa.

Saudi Arabian Oil Co. (Saudi Arabia)

Saudi Arabian Oil Co. (Saudi Aramco) is one of the world’s largest integrated energy and chemicals companies, operating across the whole hydrocarbon value chain from crude oil exploration and production to refining, chemicals, base oils, lubricants, and retail fuels. The company is majority-owned by the Kingdom of Saudi Arabia, listed on the Saudi Exchange, and serves customers globally with energy and petrochemical products. Aramco organizes its operations mainly into two divisions: Upstream and Downstream. These two divisions are supported by corporate activities such as technology, logistics, and shared services. Upstream activities cover exploration, development, and production of crude oil, condensate, natural gas, and NGLs, while Downstream encompasses refining, chemicals, base oils and lubricants, retail, distribution, trading, and power generation.

Aramco is among the global leaders in base oils, producing a full slate of fuels, lubricants, and base oils (under brands such as aramcoDURA, aramcoPRIMA, and aramcoULTRA) through assets, including affiliates like Luberef, Motiva, and S-OIL. The company has a presence in North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

SK Enmove (South Korea)

SK Enmove, formerly SK Lubricants, is a South Korean global leader in premium lube base oils and lubricants, operating as a Company-in-Company (CIC) under SK On Co., Ltd. since its 2022 rebranding to emphasize energy-saving solutions. Established in 1968, it pioneered Korea’s lubricant market and exports to over 50 countries with production hubs in Asia and Europe. The company’s finished lubricants under ZIC brands include engine oils, greases, gear oils, and industrial specialties for automotive, marine, and EV applications. The company’s operations span South Korea, China, India, Japan, the Netherlands, Russia, and the US.

China Petrochemical Corporation (China)

China Petrochemical Corporation, commonly known as Sinopec Group, is one of the world’s largest integrated energy and petrochemical enterprises. The company was established in 1998 following the Chinese central government’s strategic restructuring of the petroleum and petrochemical industry. It was later incorporated as a limited liability corporation in 2018. Sinopec Group operates as a super-large, fully integrated energy and petrochemical company, with business activities spanning upstream, midstream, and downstream operations, as well as domestic and international trading.

PetroChina Company Limited (China)

PetroChina Company Limited is one of the world’s largest integrated oil and gas companies and a core operating arm of China National Petroleum Corporation (CNPC). Established in 1999 and headquartered in Beijing, China, PetroChina operates across the whole oil and gas value chain, including exploration and production, refining and chemicals, natural gas marketing, pipelines, and international trading. The company is publicly listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange, with American Depositary Shares previously traded in global markets. PetroChina operates a fully integrated energy business model, enabling value optimization from upstream resource development through downstream product manufacturing and marketing. It is a leading producer of crude oil and natural gas, with extensive upstream assets across China and selected international regions. Its domestic portfolio includes major oil and gas basins, while overseas operations span Asia, the Middle East, Africa, Central Asia, and the Americas. The company continues to invest in advanced drilling, reservoir management, and enhanced oil recovery (EOR) technologies to improve recovery rates and sustain production.

Market Ranking

The base oil market is competitive, with five major players, namely Exxon Mobil Corporation (US), Saudi Arabian Oil Co. (Saudi Arabia), SK Enmove (South Korea), China Petrochemical Corporation (China), and PetroChina Company Limited (China), collectively accounting for 25–30% of the global market share. In the worldwide base oil market, Exxon Mobil Corporation (US) has set the pace for competition by taking advantage of its large-scale, highly integrated refining network and strong knowledge in the area of premium Group II and Group III base oils. Advanced hydroprocessing technologies and a solid global distribution network support these. Saudi Arabian Oil Co. (Saudi Arabia) is the second-most important player in the field. Its very existence is made possible by the availability of crude feedstock in large quantities, the low-cost refining processes, and the increasing capacity in high-quality Group II and Group III base oils, which are intended for domestic consumption and export markets. SK Enmove (South Korea) has a leading position going for it on account of its identity as a supplier of top-notch Group III base oils, which are prized for their viscosity index and uniformity, and this has been recognized all over the world, hence making it the supplier of choice for the high-grade and synthetic lubricant formulations. China Petrochemical Corporation (Sinopec, China) is positioned at number four, with the support of its large domestic refining capacity, petrochemical integration, and a considerable portfolio of Group I, II, and III base oils, mostly for China’s rapidly expanding lubricant demand. PetroChina Company Limited (China) is the last one in the list, with its strengths coming from its extensive refining network, guaranteed feedstock supply, and the fact that it is mainly focused on satisfying the domestic demand for low-quality base oil while slowly extending its production of the high-quality base oil line.

Related Reports:

Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) -Global Forecast to 2030

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